From: Richard Remski [remskirt@comcast.net]
Sent: Friday, November 07, 2003 9:41 AM
To: rule-comments@sec.gov
Subject: S7-23-03: Comment in favor of proposed rule change
Dear Sir or Madam:
As an individual, small-time investor, I would like to email to indicate my
support for the above-referenced rule change.
Short-selling, in and of itself, is neither disruptive to a market, an 'evil'
attempt to disrupt a corporation's finance base, or otherwise something to be
banned outright. The selling of speculative futures on both sides of an
anticipated price change via stock purchase or shorting, option puts, etc. are
all valid ways to allow a free market economy to self-regulate. However, it is
inconceivable to me that in the current mechanization of these rules, if one
wants to purchase a stock, determination and delivery within 3 days is virtually
guaranteed, but if one wants to 'sell short' a stock, determination is by no
means well-controlled.
Market-makers themselves need the ability to have some leeway in order to provide
for an orderly market and to deal with sudden changes which, without the liquidity
offered by some grace period would result in excessive price fluctuations. But
positive determination of short selling which is fully equivalent to positive
determination of stock purchases, with sufficient controls to prevent mere '
book-keeping' hedging and avoidance of the uptick rule using different accounts,
must be implemented and enforced.
Sincerely,
Richard T. Remski
2802 Meade Drive
Grand Prairie, TX 75052
972-660-6990